While the market has been making new bull market highs all week, we haven't quite seen the breadth that we saw earlier in the year. As shown in the chart below, 83% of the stocks in the S&P 500 are currently above their 50-day moving averages. Back in January, this reading got above 90%.
The average S&P 500 stock is currently 4.33% above its 50-day, which is a very high reading. The S&P 500 itself is trading 3.5% above its 50-day.
Below is a list of the 35 S&P 500 stocks that are currently trading the farthest above their 50-days. As shown, Best Buy (BBY) -- yes, Best Buy! -- is the farthest above its 50-day at 33.75%, followed by Hewlett-Packard (HPQ) -- yes, Hewlett-Packard! -- at 23.79%. Other notables on the list of the most extended stocks above their 50-days are Netflix (NFLX), Electronic Arts (EA), TripAdvisor (TRIP), Boeing (BA) and Washington Post (WPO).Just 84 S&P 500 stocks are currently below their 50-days, and below is a list of the 35 that are the farthest below. Cliffs Natural Resources (CLF) ranks first at -32.13%, followed by JC Penney (JCP) at -17.59% and Intuitive Surgical (ISRG) at -14.20%. Apollo (APOL), US Steel (X) and First Solar (FSLR) are the only other stocks more than 10% below their 50-days. And if you're wondering about Apple (AAPL), yes it's on the list of losers at 5.40% below its 50-day.
Covestor Ltd. is a registered investment advisor. Covestor licenses investment strategies from its Model Managers to establish investment models. The commentary here is provided as general and impersonal information and should not be construed as recommendations or advice. Information from Model Managers and third-party sources deemed to be reliable but not guaranteed. Past performance is no guarantee of future results. Transaction histories for Covestor models available upon request. Additional important disclosures available at http://site.covestor.com/help/disclosures. For information about Covestor and its services, go to http://covestor.com or contact Covestor Client Services at (866) 825-3005, x703.The post Apple is trading below its 50-day moving average. But not these stocks... appeared first on Smarter Investing.
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